·The MoU was signed at International Block
chain Congress 2018 held in Hyderabad

·It will be a center of excellence, an
incubator and process development for the emerging technology with innovative
infrastructure and facilities to foster growth of Indian block chain start-ups
and companies.

·Tech Mahindra as a founding member of the block
chain district will provide the platform and technology assistance to all the
incubators in it.

·Tech Mahindra will also empower accelerators
to develop and solve market problems across its global customer ecosystem.

·Further, the Telangana ITE&C Department
will provide regulatory and policy support to enable and promote Block chain
growth both in India and globally.

·It will provide an opportunity for the block
chain ecosystem in India to collaborate and work towards building a block chain
district in Telangana and transforming g India as the block chain capital of
the world.

·It
decentralizes information is held on block chain through shared database which
can be accessed on real-time basis.

·This database is not stored on physical servers
but on cloud, which makes it easy to store unlimited data.

Advantages:

·Blockchain technology is not controlled by any
single entity and has no single point of failure.

·It is
transparent and incorruptible.

·It is
kind of self-auditing ecosystem of digital value and block chain network automatically
checks every transaction that happens in it.

Applications:

·The most popular application of technology so
far has been cryptocurrency. But it is not limited to, financial transactions
and can be also used in smart contracts, supply chain management logistics,
sharing economy, crowdfunding, governance, file storage and date management and
Internet of Things (IoT).

Expected prelims
question:

Recently which state in India became first Blockchain district.

a)Telangana

b)Maharashtra

c)Jharkhand

d)Kerala

Ans – a

Expected mains
question:

What do you mean by blockchain
technologyadd a note on its advantages and disadvantages.